Are These The Top Tech Stocks To Invest In Right Now?
Even with the lower-than-expected growth in the U.S. gross domestic product for the quarter, the stock market continues to rise. Notably, tech stocks are among the ones leading the pack amidst the current rally in stocks. After all, we are knee-deep into major tech earnings this week and many continue to exceed Wall Street’s expectations. Even today, investors are likely eagerly awaiting the likes of Apple (NASDAQ: AAPL) to report its latest quarterly figures after the closing bell.
By and large, the current trend in earnings seems to be holding strong across the board. On one hand, Google’s parent company Alphabet (NASDAQ: GOOGL) reported solid figures in its latest fiscal quarter report earlier this week. In it, the ad tech giant posted an earnings per share of $27.99 on revenue of $65.12 billion for the quarter. This would mark a sizable lead on top of consensus estimates of $23.48 and $63.34 billion respectively. Not to mention, the company’s flagship advertising division saw its revenue surge by 43% year-over-year as well. As a result of all this, GOOGL stock continues to trade at record levels and boasts year-to-date gains of over 65%. To highlight, the company’s shares are up by the most in that time when compared to its FAANG stock peers.
Meanwhile, dental tech company Align Technology (NASDAQ: ALGN) is making waves in the stock market today as well. This would be after it crushed consensus earnings estimates by 27 cents with an earnings per share of $2.87. Overall, while tech remains in the limelight, I can understand if investors are looking for the top tech stocks now. With that said, check out these tech stocks turning heads today.
Top Tech Stocks To Watch Ahead Of November 2021
- ServiceNow Inc. (NYSE: NOW)
- Microsoft Corporation (NASDAQ: MSFT)
- Mastercard Inc. (NYSE: MA)
ServiceNow Inc.
First up, we have ServiceNow, a tech company that focuses on its cloud-based platform and solutions. It delivers digital workflows that create great experiences and unlock productivity for both employees and enterprises. In fact, it is one of the fastest-growing cloud enterprise software companies in the world. Boasting steady double-digit annual growth, it also has over 6,500 customers that utilize its Now Platform. NOW stock currently trades at $686.60 as of 11:18 a.m. ET and is up by over 40% in the past year alone.
On Wednesday, the company reported its third-quarter financials. Notably, its subscription revenue was $1.42 billion for the quarter, increasing by 31% year-over-year. It also ended the quarter with 1,266 total customers with over $1 million in annual contract value, representing a 25% increase compared to a year ago. Furthermore, current remaining performance obligations are $5 billion as of the third quarter, representing 32% year-over-year growth.
The company says that as this digital transformation market continues to accelerate, its platform is creating unmatched customer and employee experiences. It was another fantastic quarter for ServiceNow given how it continued to outperform across all of its growth profitability guidance metrics. Also, ServiceNow says that it is well-positioned as the workflow standard to becoming a $15+ billion revenue company. With that being said, should investors consider NOW stock right now?
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Microsoft Corporation
Following that, we have Microsoft, a multinational technology company that sells a wide variety of tech products and services. Also, the company enables digital transformation for the era of an intelligent cloud and an intelligent edge. It is also one of the largest software makers in the world and is the brains behind its productivity software Microsoft Office and the world’s most popular OS, Microsoft Windows. MSFT stock currently trades at $323.92 as of 11:19 a.m. ET.
On October 26, 2021, the company reported its first-quarter financials for the fiscal year 2022. Impressively, revenue for the quarter was $45.3 billion, increasing by 22% year-over-year. Operating income for the quarter was $20.2 billion, up by 27% compared to a year earlier. Microsoft also posted a net income of $20.5 billion, or a diluted earnings per share of $2.71 GAAP. The company said that its Microsoft Cloud delivered a strong start to the fiscal year as it generated a revenue of $20.7 billion for the quarter, making a sizable chunk of this quarter’s total revenue.
The company also noted that its Office Commercial products and cloud services revenue was up by 18%, while its Intelligent Cloud revenue was up by 31%. “Digital technology is a deflationary force in an inflationary economy. Businesses – small and large – can improve productivity and the affordability of their products and services by building tech intensity,” said Satya Nadella, chairman and chief executive officer of Microsoft. “The Microsoft Cloud delivers the end-to-end platforms and tools organizations need to navigate this time of transition and change.” With such impressive financials, is MSFT stock worth watching?
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Mastercard Inc.
Last but not least, we have fintech titan Mastercard. In brief, the New York-based firm is among the largest names in the global fintech industry today. As you can imagine, the company caters to a wide array of the market with its portfolio of financial services. Given the current demand for Mastercard’s offerings, the hype around MA stock now would be understandable. As it stands, the company’s shares currently trade at $334.77 as of 11:19 a.m. ET.
Not to mention, the company reported better-than-expected results in its latest quarterly earnings call earlier today. In detail, Mastercard posted an earnings per share of $2.37, surpassing consensus projections of $2.19 by a fair amount. Additionally, the company also saw its net revenue for the quarter jump by 30% year-over-year.
All in all, CEO Michael Miebach notes that Mastercard continues to see strong momentum across its core businesses. He cites execution of its strategy, “healthy domestic spending”, and a notable increase in cross-border spending as growth factors for Mastercard throughout the quarter. Even so, Mastercard continues to expand its offerings from crypto-related services to an accessibility card for the visually impaired. All things considered, will you be adding MA stock to your portfolio anytime soon?
